Soybeans Rally on Demand from China, Crude Oil Rises After Two Days of Losses

Soybeans advanced on the speculation that China’s demand for US supply will increase. Grain.gov.cn said that Chinese soybean imports may advance more than 20 percent in the first half of this year. Soybean futures are rallying for the fourth straight session. Price for soybeans rose from $13.6850 to $13.7350 per pound as of 17:47 GMT on CBoT today, while intraday it reached $13.7750 — the highest level since September 15.

The positive signs from the United States also boosted crude oil. US inflation rose 0.4 percent in February, following the 0.2 percent increase in January. Industrial production in January was revised from zero change to 0.4 percent growth. April futures for delivery of crude oil gained $1.13 (1.1 percent) to $106.24 per barrel as of 12:49 on NYMEX. Brent rose from $122.93 to $125.15 on ICE.
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